How do social media companies make their money? How are they worth so much money? Why do investors find investments in social media companies attractive? How much are you contributing to these platforms through your participation? I hope these questions will provoke you into considering how much time you are spending on these platforms.
If we leave a social media platform, what happens to it? Why do you think these platforms are always coming up with new exciting things that you can do on their platforms? Why do the more prominent companies buy certain startups?
By now, you would have figured out that your time is valuable to social media companies. First, they need your attention; then they require you to keep coming back. What is the incentive that keeps you coming back? Why do you check your phone every so often?
Now how many of those conversations that you have had in the past are easily accessible and usable? A musician can still get paid for music which is 40 years old. How about your content? Some people are more valuable than others on social media. They keep people entertained on a daily basis. But how much are they worth?
We have a problem. We are providing the value that social media companies are using to make billions of dollars. So I’m not blaming them for that. We are on these social media platforms by choice. But what if you want to be compensated for the value you give? Imagine if Facebook was to give every single participant a single share?
This problem now has a solution. Its called blockchain technology. New social media platforms based on the blockchain are being created. One of them is called Steemit, and I’ve been using it for about a week. I’ve already earned about two dollars. Steeminas are earning thousands of dollars per month.
The blockchain rewards essential posts with a cryptocurrency. The cryptocurrency can be converted into a fiat currency. Unlike Facebook, steemit is paying me for posting, reposting, liking and commenting. This is a game changer. I am spending more time on steemit now than on Facebook. I still spend time on my facebook page because I use it to sell my products and services.